GET A TAX REFUND, THEN BUY A CAR? MANY AMERICANS WILL

Getting a tax refund doesn’t always mean people will go car shopping. But many will because of the money they get back from Uncle Sam.

Tax refunds for 100 million Americans averaged more than $2,650 last tax season, and as much as $3,000 in previous years. That’s enough to cover the typical 11 percent down payment on a new car or make a significant dent in a year’s worth of monthly car payments.

In fact, more than one in five of those who expect to spend their tax refunds on something vehicle related will use the money to purchase a new or used car, suggests the report “Use Your Tax Refund to Buy a Used Car” by Keith Griffin at About.com.

“Based on the info in [an] eBay Motors survey, Americans appear to view tax refunds as opportunities to make purchases of vehicles associated with the joys of driving,” Griffin wrote.

The following infographic provides a step-by-step approach to using your refund to buy a vehicle.

Source:  Mark Macesich https://roadloans.com/blog/get-tax-refund-buy-car